Canadian authorities have extended the two-year ban on foreigners’ ownership of houses due to affordability challenges.
The ban, which was set to expire on January 1, 2025, has now been extended to January 1, 2027.
Before the extension, non-Canadians, including Nigerians, were not eligible to own houses in the country.
A statement from the Department of Finance said that foreign commercial businesses and non-Canadians or permanent residents will continue to be barred from purchasing residential property in the country.
The development comes amid the housing crisis in the country. According to reports, between the two Canadian censuses in 2016 and 2021, the number of Canadians living in owner-occupied homes dropped from 69% to 66.5%, the lowest number since 2022.
The government said it was trying to build more homes faster and put home ownership back within reach for more Canadians.
